Barclays Cut Investment Bank Bonus Pool as Much as 12%
- Deeper job cuts prevented employees' bonuses from falling more
- Bank mulls external, internal candidates to replace Tom King
Barclays headquarters stand in London.
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Barclays Plc cut the bonus pool for its investment bank by about 10 percent to 12 percent, according to people with knowledge of the matter.
Individual employee variable pay for 2015 would have dropped more if the London-based bank wasn’t cutting 1,200 jobs worldwide and closing operations across Asia, said the people, who asked not to be identified because the compensation plan isn’t yet public. For 2014, the investment bank paid out 24 percent less in bonuses, with the pool falling to 1 billion pounds ($1.4 billion).